Solana’s decentralized exchange (DEX) trading volume reached a remarkable $1.14 billion within a 24-hour period, outpacing Ethereum’s $1.13 billion.
This surge in trading activity was driven by the anticipation surrounding the $JUP airdrop.
Jupiter, a prominent protocol on Solana, distributed approximately $700 million worth of tokens to nearly a million wallets on January 31st, igniting widespread excitement within the crypto community. On-chain reports revealed that three airdrop hunters reaped substantial rewards from the $JUP airdrop, receiving an airdrop of 5.5 million $JUP valued at $3.6 million through 27,600 wallets.
The airdrop not only generated considerable attention but also led to the rapid listing of JUP on prominent centralized exchanges like Bybit and Binance, further fueling investor interest and trading activity.
Despite Solana’s Growth, Ethereum Still Leads The Way
Despite Solana’s impressive performance, Ethereum maintains its lead in weekly trading volume, although it experienced a 13% decline while Solana saw a 37% increase over the week.
Overall, the total trading volume of decentralized exchanges witnessed a 13.9% decrease in January. Uniswap remains the leader in trading volume with $46.6 billion, followed by PancakeSwap with $10.7 billion.
The $JUP airdrop has highlighted Solana’s growing prominence in the decentralized finance (DeFi) space, attracting attention from investors and traders alike as the platform continues to gain traction in the crypto ecosystem.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.